REG - Kinovo PLC - Final DCB Project Update

KinovoAnnouncement

02/08/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240802:nRSB8720Ya&default-theme=true

RNS Number : 8720Y  Kinovo PLC  02 August 2024

 

2 August 2024

 

Kinovo plc

("Kinovo", the "Company" or the "Group")

 

Final DCB Project Update

 

Kinovo Plc (AIM: KINO), the specialist property services Group that delivers
compliance and sustainability solutions, is pleased to confirm that it has
completed the build of the final outstanding legacy project, relating to its
former construction subsidiary, DCB (Kent) Ltd ("DCB"), ending its financial
liabilities relating to these under parent company guarantees.

The building has been completed on time and in line with cost forecasts. The
total net pre-tax cost to complete for the nine DCB projects remains in line
with those announced at the Company's results on 9 July 2024.

Additionally, the client for the final project has contracted Kinovo for
further external works to the property, which are deemed as variations to the
contract and will be paid for separately by the client, therefore not
affecting the final cost to complete. These additional works will extend the
date of practical completion to September.

David Bullen, Chief Executive Officer of Kinovo plc, commented:

"I am pleased that we have been able to complete the build of the final
outstanding DCB project within time and cost forecasts, reaffirming the
expectations of our final net pre-tax cost to complete liability. While there
are additional external works we have agreed to, which are contracted and to
be paid for separately by the client, we are pleased to draw a line under the
DCB legacy projects and be able to focus solely on our future and the
execution of our organic growth strategy."

 

Enquiries

 Kinovo plc
 Sangita Shah, Chairman                                          +44 (0)20 7796 4133

 David Bullen, Chief Executive Officer                           (via Hudson Sandler)

 Canaccord Genuity Limited (Nominated Adviser and Sole Broker)   +44 (0)20 7523 8000
 Adam James

 Andrew Potts

 Harry Rees

 Hudson Sandler (Financial PR)                                   +44 (0)20 7796 4133
 Dan de Belder

 Harry Griffiths

 Will Reynish

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDFLFLETRILIIS